Harvard Business Essentials : Decision Making

Harvard Business Review

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Decision making is a critical part of management, and bad choices can damage careers and the bottom line. This book offers the tools and advice managers need to avoid common biases and arrive at and implement decisions that are both sound and ethical.

The Harvard Business Essentials series provides comprehensive advice, personal coaching, background information, and guidance on the most relevant topics in business. Whether you are a new manager seeking to expand your skills or a seasoned professional looking to broaden your knowledge base, these solution-oriented books put reliable answers at your fingertips.

What will you learn from this book

  1. Identifying Objectives: Clearly define your goals and objectives before making a decision. Understanding what you aim to achieve is crucial.

  2. Gathering Information: Collect relevant and reliable information to support your decision-making process. This includes both quantitative and qualitative data.

  3. Considering Alternatives: Explore multiple options or alternatives before making a decision. This helps in evaluating different scenarios and potential outcomes.

  4. Evaluating Risks and Benefits: Assess the risks associated with each alternative and weigh them against the potential benefits. Understanding and managing risks is integral to decision-making.

  5. Decision Criteria: Establish criteria to evaluate and compare different options objectively. These criteria could be financial, strategic, ethical, or based on other relevant factors.

  6. Decision-Making Models: Familiarize yourself with decision-making models like cost-benefit analysis, SWOT analysis, or decision trees. These frameworks can help in structuring the decision-making process.

  7. Involving Stakeholders: Consider the perspectives and input of relevant stakeholders or team members. Their insights can provide valuable information and different viewpoints.

  8. Implementing Decisions: Once a decision is made, create an actionable plan for implementation. Communicate effectively and ensure everyone involved understands their roles and responsibilities.

  9. Monitoring and Adapting: Continuously monitor the outcomes of your decisions. Be ready to adapt or make changes if needed based on new information or unexpected developments.

  10. Learning from Decisions: Reflect on past decisions, both successful and unsuccessful ones. Analyze what worked well and what didn’t, and use this knowledge to improve future decision-making processes.

Language English
ISBN-10 007-065635-5
ISBN-13 9781591397618
No of pages 168
Font Size Medium
Book Publisher Harvard Business School Publishing
Published Date 01 Jan 2006

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Author : Harvard Business Review

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